# Mitsubishi HC Capital Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/04/01－2026/03/31) (S100YF4V)
> Page: https://vizora.meequs.com/en/company/mitsubishi-hc-capital
> Retrieved: 2026-09-30T22:30:15.691Z

## Company

Mitsubishi HC Capital, founded in 1957, is a company in Leasing listed on TSE Prime. It has 7,950 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi HC Capital Inc. |
| Ticker | 8593 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8593.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目5番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 久井 大樹 |
| Founded | Sep 1957 |
| Share capital | ¥33.2B |
| Employees (consolidated) | 7,950 |
| Average salary (parent only) | ¥10.3M |
| Fiscal year end | March |
| Website | www.mitsubishi-hc-capital.com (https://www.mitsubishi-hc-capital.com/) |
| Corporate number | 4010001049866 |
| EDINET | E04788 |
| Industries (Vizora) | Leasing, Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YF4V, filed 2026-06-23). As of filing

## Key points (generated from figures)

- About 46% of Mitsubishi HC Capital's sales come from Customer Solutions unit, with Overseas customers and Aviation making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +28.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.22T |  |
| Operating income | ¥240.4B | Margin 10.9% |
| Net income | ¥162.2B | Margin 7.3% |
| Free cash flow | — |  |
| Largest business | Customer Solutions unit | of segment revenue 46.1% |
| Employees (consolidated) | 7,950 |  |
| EPS | ¥50.46 |  |
| Diluted EPS | ¥50.37 |  |
| Book value per share | ¥572.29 |  |
| Equity ratio | 15.2% |  |
| Shares outstanding | 1,466,912,244 |  |
| Treasury shares | 28,594,800 |  |
| Shareholders | 555,500 |  |
| Average salary (parent only) | ¥10.3M | Filing company only |
| Cash ratio | 2.6% | Net cash -¥6.15T · Cash ÷ revenue 15.6% |
| Vs. industry median margin | +3.8 pp | Leasing |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 28%
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥947658000000 | ¥2215384000000 | +133.8% |
| Operating income | ¥62316000000 | ¥240428000000 | +285.8% |
| Operating margin | 6.6% | 10.9% | +4.3 pp |
| Employees | 3,284 people | 7,950 people | +142.1% |
| Cash and equivalents | ¥286213000000 | ¥346045000000 | +20.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| カスタマービジネス → 事業再編・廃止 | 59.2% |
| 環境・エネルギー → 事業再編・廃止 | 1.9% |
| ヘルスケア → 事業再編・廃止 | 4.2% |
| 航空 → 航空 | 13.5% |
| ロジスティクス → ロジスティクス | 4.4% |
| 不動産 → 不動産 | 5.0% |
| 不動産 → 事業再編・廃止 | 11.5% |
| インフラ・企業投資 → 事業再編・廃止 | 0.4% |
| 新設・再編 → カスタマーソリューション | 46.1% |
| 新設・再編 → 海外カスタマー | 23.1% |
| 新設・再編 → 環境エネルギー | 2.1% |
| 新設・再編 → 航空 | 1.8% |
| 新設・再編 → ロジスティクス | 3.7% |
| 新設・再編 → モビリティ | 0.3% |

Segment revenue source references: 14 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Customer Solutions unit | 4 years | -2.6% | ¥1020996000000 | — | 2 |
| Overseas customers | — | — | ¥511131000000 | — | 2 |
| Aviation | 5 years | +21.7% | ¥339677000000 | — | 2 |
| Logistics | 5 years | +34.0% | ¥178902000000 | — | 2 |
| Real Estate | 5 years | -6.6% | ¥110635000000 | — | 2 |
| Environment, Energy and Infrastructure Business | 4 years | -2.3% | ¥46027000000 | — | 2 |
| Mobility | 4 years | -40.8% | ¥6753000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,215,384 | 100.0% | S100YF4V |
| Cost of revenue | 1,715,221 | 77.4% | S100YF4V |
| Gross profit | 500,163 | 22.6% | S100YF4V |
| SG&A | 259,735 | 11.7% | S100YF4V |
| Operating income | 240,428 | 10.9% | S100YF4V |
| Ordinary income | 236,089 | 10.7% | S100YF4V |
| Pretax income | 232,807 | 10.5% | S100YF4V |
| Income tax | 69,989 | 3.2% | S100YF4V |
| Net income | 162,818 | 7.3% | S100YF4V |
| Net income attributable to owners | 162,206 | 7.3% | S100YF4V |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 12 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.6% → Operating margin 10.9% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +28.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,090,808 | 2,215,384 | 124,576 | +6.0% |
| Gross profit | 462,637 | 500,163 | 37,526 | +8.1% |
| Operating income | 187,126 | 240,428 | 53,302 | +28.5% |
| Net income attributable to owners | 135,165 | 162,206 | 27,041 | +20.0% |
| Operating cash flow | -296,884 | -367,537 | -70,653 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 923,768 | 91,853 | 9.9% | 70,754 | -252,199 | — | S100LPKB |
| FY ending Mar 2021 | 947,658 | 62,316 | 6.6% | 55,314 | 199,314 | — | S100OH9B |
| FY ending Mar 2022 | 1,765,559 | 114,092 | 6.5% | 99,401 | 195,845 | — | S100R44U |
| FY ending Mar 2023 | 1,896,231 | 138,727 | 7.3% | 116,241 | 46,752 | — | S100TS4W |
| FY ending Mar 2024 | 1,950,583 | 146,176 | 7.5% | 123,842 | -49,128 | — | S100W2ZG |
| FY ending Mar 2025 | 2,090,808 | 187,126 | 8.9% | 135,165 | -296,884 | — | S100YF4V |
| FY ending Mar 2026 | 2,215,384 | 240,428 | 10.9% | 162,206 | -367,537 | — | S100YF4V |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥278.7M |
| Operating income per employee (consolidated) | ¥30.2M |
| Net income per employee (consolidated) | ¥20.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 8,803 | 8,648 | 8,424 | 8,380 | 7,950 |
| Average salary (parent company) | ¥8.7M | ¥9.2M | ¥9.8M | ¥10.1M | ¥10.3M |
| Average age (parent company) | 40.4 years | 41.0 years | 41.3 years | 40.5 years | 40.6 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +6.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Customer Solutions unit | 1,020,996 | 46.1% | — | — |
| Overseas customers | 511,131 | 23.1% | — | — |
| Environment, Energy and Infrastructure Business | 46,027 | 2.1% | — | — |
| Aviation | 339,677 | 15.3% | — | — |
| Logistics | 178,902 | 8.1% | — | — |
| Real Estate | 110,635 | 5.0% | — | — |
| Mobility | 6,753 | 0.3% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Customer Solutions unit | 46.1% |
| Overseas customers | 23.1% |
| Environment, Energy and Infrastructure Business | 2.1% |
| Aviation | 15.3% |
| Logistics | 8.1% |
| Real Estate | 5.0% |
| Mobility | 0.3% |

Segment → industry: Customer Solutions unit → Leasing / Overseas customers → Leasing / Environment, Energy and Infrastructure Business → Leasing / Environment, Energy and Infrastructure Business → Electric Power & Gas / Aviation → Leasing / Logistics → Leasing / Real Estate → Real Estate Development & Leasing / Real Estate → Leasing / Mobility → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -367,537 | -16.6% | S100YF4V |
| Investing cash flow | -33,938 | -1.5% | S100YF4V |
| Financing cash flow | 469,373 | 21.2% | S100YF4V |
| Dividends paid | 60,402 | 2.7% | S100YF4V |
| Change in cash | 55,239 | 2.5% | S100YF4V |
| Cash and equivalents | 346,045 | 15.6% | S100YF4V |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 520,083 | 460,486 | 335,307 | 290,805 | 346,045 | S100TS4W, S100W2ZG, S100YF4V |
| Total assets | 10,328,872 | 10,726,196 | 11,149,858 | 11,762,332 | 13,089,557 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Net assets | 1,333,467 | 1,551,029 | 1,705,345 | 1,804,523 | 2,008,779 | S100TS4W, S100W2ZG, S100YF4V |
| Share capital | 33,196 | 33,196 | 33,196 | 33,196 | 33,196 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Property, plant and equipment | 3,357,208 | 3,628,907 | 4,236,715 | 4,771,529 | 5,451,803 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Intangible assets excluding goodwill | 267,641 | 247,730 | 247,829 | 237,770 | 253,284 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Goodwill | 90,326 | 91,497 | 102,091 | 98,706 | 91,644 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Investment securities | 376,645 | 400,113 | 427,529 | 550,198 | 593,989 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Current assets | 6,171,321 | 6,261,670 | 6,040,826 | 6,018,651 | 6,616,807 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Current liabilities | 3,235,343 | 3,512,353 | 3,545,972 | 3,558,970 | 4,003,663 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Trade payables | 184,042 | 160,678 | 171,616 | 175,455 | 200,237 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Short-term borrowings | 591,431 | 633,099 | 471,060 | 475,421 | 458,492 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Long-term borrowings | 3,113,196 | 3,253,535 | 3,435,702 | 3,592,429 | 4,081,457 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Bonds | 1,820,244 | 1,582,848 | 1,606,588 | 1,909,083 | 1,951,792 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Interest-bearing debt | 5,524,871 | 5,469,482 | 5,513,350 | 5,976,933 | 6,491,741 | 算出 |
| Total liabilities | 8,995,404 | 9,175,166 | 9,444,512 | 9,957,809 | 11,080,778 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Non-controlling interests | 21,835 | 20,118 | 18,211 | 13,528 | 18,463 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Equity attributable to owners of parent | 1,200,456 | 1,272,372 | 1,333,722 | 1,413,312 | 1,514,573 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Retained earnings | 638,043 | 710,989 | 775,152 | 854,270 | 956,074 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |
| Treasury stock | -19,369 | -19,158 | -20,894 | -20,128 | -19,856 | S100R44U, S100TS4W, S100W2ZG, S100YF4V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YF4V |
| Property, plant and equipment | 42% | S100YF4V |
| Intangibles and goodwill | 3% | S100YF4V |
| Investment securities | 4% | S100YF4V |
| Other assets | 48% | S100YF4V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YF4V |
| Interest-bearing debt | 50% | 算出 |
| Other liabilities | 33% | S100YF4V |
| Equity | 15% | S100YF4V |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,328,872 | 10,726,196 | 11,149,858 | 11,762,332 | 13,089,557 |
| Equity | 1,333,467 | 1,551,029 | 1,705,345 | 1,804,523 | 2,008,779 |
| Interest-bearing debt | 5,524,871 | 5,469,482 | 5,513,350 | 5,976,933 | 6,491,741 |
| Cash | 520,083 | 460,486 | 335,307 | 290,805 | 346,045 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 246.1% | S100YF4V |
| Fixed assets ÷ total assets | 41.7% | S100YF4V |
| Goodwill ÷ parent equity | 6.1% | S100YF4V |

Goodwill over 4 years: 90,326 → 91,644 JPY; total investing cash flow: -222,780 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 2.6% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | -¥6.15T |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -152.9% |
| Cash vs. profit gap | -529,743 JPY mn (of net income -326.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.6% | 0.17× | 1.0% | 8.60× | 8.3% | S100R44U |
| 2023 | 6.1% | 0.18× | 1.1% | 8.51× | 9.4% | S100TS4W |
| 2024 | 6.3% | 0.18× | 1.1% | 8.39× | 9.5% | S100W2ZG |
| 2025 | 6.5% | 0.18× | 1.2% | 8.34× | 9.8% | S100YF4V |
| 2026 | 7.3% | 0.18× | 1.3% | 8.49× | 11.1% | S100YF4V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 18.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪフィナンシャル・グループ | Major shareholder | 14.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）(注)1 | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口）(注)2 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 (注)3 | Major shareholder | 2.0% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 rose from ¥2.09T to ¥2.22T, up +6.0%.
- Operating income grew much faster, from ¥187.1B to ¥240.4B, up +28.5%.
- Net income attributable to owners climbed from ¥135.2B to ¥162.2B, up +20.0%.

### Drivers

- In real estate, last year's gain from selling Miyuki Building did not repeat, but the company booked gains on several large asset sales.
- The aviation business grew.
- In the Overseas customers segment, credit-loss costs in the Americas fell.

### Risks

- The company names geopolitical risk as a top risk, such as higher energy prices and sudden rate rises if tensions in the Middle East worsen.
- A sharp market downturn or weaker customers could push up credit costs.
- Changes in the resale value of aircraft, containers and similar assets, or impairments on them, could hurt results.

Cited: Annual Securities Report (55th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (55th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YF4V | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF4V,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100W2ZG | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2ZG,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TS4W | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS4W,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R44U | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R44U,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OH9B | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH9B,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LPKB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPKB,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).